Mortgage Glossary – I

Inspection Report – A written report produced by an inspector indicating the status of a property.

Interest Rate – the amount charged on a loan in order to borrow. The rate is usually expressed as an Annual Percentage Rate or APR.

Installment – A regular payments towards a settlement of a debt

Interest Adjustment Date – The date prior to the beginning of amortization when accrued interest computed on the monies advanced is due.